Prudential Investment Management has priced a $423 million collateralized loan obligation.
A $270.5 million AAA-rated tranche of the deal, dubbed the Dryden XXIII Senior Loan Fund, was priced at Libor plus 149 basis points. It was placed by co-lead Mitsubishi UFJ Securiies with a single investor, according to a person familiar with the situation.
The remaining rated tranches, which were placed by co-lead Credit Suisse, priced as follows:
A $19.7 million AA-rated tranche at Libor plus 275 basis points.
A $15 million fiixed-rate AA-rated tranche at 4.08%.
A $28.75 A-rated tranche at Libor plus 375 basis points.
A $20.25 BBB-rated tranche at Libor plus 500 basis points.
A $16.25 BB-rated tranche at Libor plus 600 basis points.
A $9 million B-rated tranche at Libor plus 700 basis points.
The deal also includes a $31.4 million tranche of subordinated notes that were not rated.
